Assume that three identical units of merchandise are purchased during October, as follows: Units Cost October 5 Purchase 1 $5 12 Purchase 1 13 28 Purchase 15 Total 3 $33 Assume one unit is sold on October 31 for $28. Determine cost of goods sold, gross profit, and ending inventory under the FIFO method. October 31 Sales Cost of Goods Sold Gross Profit Ending Inventory